Europe's financial woes are expected to dominate the G8 summit a summit in the US.

Leaders of the world's most industrialised nations are meeting at Camp David, just outside Washington, DC.

Hours before welcoming the participants, US President Barack Obama met his French counterpart, Francois Hollande, and threw his weight behind France's demand for pro-growth policies in Europe.

Obama said the two agreed that tackling the eurozone crisis was "an issue of extraordinary importance, not only to the people of Europe, but also to the world economy".

"We're looking forward to a fruitful discussion later this evening and tomorrow with the other G8 leaders about how we can manage a responsible approach to fiscal consolidation that is coupled with a strong growth agenda," he said.

Hollande, who was elected just two two weeks ago, said growth must be the priority, maintaining his stance that austerity measures alone would be insufficient to reverse the crisis in Europe.